Securities (Tables)
|
6 Months Ended |
Jun. 30, 2022 |
Investments, Debt and Equity Securities [Abstract] |
|
Schedule of available-for-sale securities |
The following tables summarize available-for-sale debt securities held by the Company at June 30, 2022 and December 31, 2021: | | | | | | | | | | | | | | | | Available-for-Sale Debt Securities | June 30, 2022 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | (In thousands) | | | | | | | | | | U.S. Treasuries | $ | 191,051 | | $ | 0 | | $ | 16,949 | | $ | 174,102 | | Obligations of U.S. Government sponsored entities | 863,235 | | 36 | | 69,778 | | 793,493 | | Obligations of U.S. states and political subdivisions | 95,661 | | 54 | | 7,637 | | 88,078 | | Mortgage-backed securities – residential, issued by | | | | | U.S. Government agencies | 63,185 | | 38 | | 4,109 | | 59,114 | | U.S. Government sponsored entities | 859,388 | | 18 | | 84,835 | | 774,571 | | | | | | | U.S. corporate debt securities | 2,500 | | 0 | | 140 | | 2,360 | | Total available-for-sale debt securities | $ | 2,075,020 | | $ | 146 | | $ | 183,448 | | $ | 1,891,718 | |
| | | | | | | | | | | | | | | | Available-for-Sale Debt Securities | December 31, 2021 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | (In thousands) | | | | | U.S. Treasuries | $ | 160,291 | | $ | 85 | | $ | 2,542 | | $ | 157,834 | | Obligations of U.S. Government sponsored entities | 843,218 | | 4,527 | | 15,372 | | 832,373 | | Obligations of U.S. states and political subdivisions | 102,177 | | 2,092 | | 100 | | 104,169 | | Mortgage-backed securities – residential, issued by | | | | | U.S. Government agencies | 76,502 | | 1,187 | | 532 | | 77,157 | | U.S. Government sponsored entities | 879,102 | | 5,735 | | 14,281 | | 870,556 | | | | | | | U.S. corporate debt securities | 2,500 | | 0 | | 76 | | 2,424 | | Total available-for-sale debt securities | $ | 2,063,790 | | $ | 13,626 | | $ | 32,903 | | $ | 2,044,513 | |
|
Schedule of held-to-maturity securities |
The following tables summarize held-to-maturity debt securities held by the Company at June 30, 2022 and December 31, 2021:
| | | | | | | | | | | | | | | | Held-to-Maturity Securities | June 30, 2022 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | (In thousands) | | | | | U.S. Treasuries | $ | 86,582 | | $ | 0 | | $ | 9,237 | | $ | 77,345 | | Obligations of U.S. Government sponsored entities | 225,733 | | 0 | | 28,418 | | 197,315 | | | | | | | Total held-to-maturity debt securities | $ | 312,315 | | $ | 0 | | $ | 37,655 | | $ | 274,660 | |
| | | | | | | | | | | | | | | | Held-to-Maturity Securities | December 31, 2021 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | (In thousands) | | | | | U.S. Treasuries | $ | 86,689 | | $ | 279 | | $ | 600 | | $ | 86,368 | | Obligations of U.S. Government sponsored entities | 197,320 | | 389 | | 1,789 | | 195,920 | | | | | | | Total held-to-maturity debt securities | $ | 284,009 | | $ | 668 | | $ | 2,389 | | $ | 282,288 | |
|
Schedule of available-for-sale securities with unrealized losses |
The following table summarizes available-for-sale debt securities that had unrealized losses at June 30, 2022, and December 31, 2021:
| | | | | | | | | | | | | | | | | | | | | June 30, 2022 | Less than 12 Months | 12 Months or Longer | Total | (In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | U.S. Treasuries | $ | 169,550 | | $ | 16,547 | | $ | 4,552 | | $ | 402 | | $ | 174,102 | | $ | 16,949 | | Obligations of U.S. Government sponsored entities | 353,414 | | 23,720 | | 411,422 | | 46,058 | | 764,836 | | 69,778 | | Obligations of U.S. states and political subdivisions | 71,476 | | 6,901 | | 3,123 | | 736 | | 74,599 | | 7,637 | | | | | | | | | Mortgage-backed securities – residential, issued by | | | | | | | U.S. Government agencies | 36,509 | | 1,299 | | 21,389 | | 2,810 | | 57,898 | | 4,109 | | U.S. Government sponsored entities | 520,389 | | 35,937 | | 250,441 | | 48,898 | | 770,830 | | 84,835 | | U.S. corporate debt securities | 0 | | 0 | | 2,360 | | 140 | | 2,360 | | 140 | | Total available-for-sale debt securities | $ | 1,151,338 | | $ | 84,404 | | $ | 693,287 | | $ | 99,044 | | $ | 1,844,625 | | $ | 183,448 | |
| | | | | | | | | | | | | | | | | | | | | December 31, 2021 | Less than 12 Months | 12 Months or Longer | Total | (In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | U.S. Treasuries | $ | 147,810 | | $ | 2,542 | | $ | 0 | | $ | 0 | | $ | 147,810 | | $ | 2,542 | | Obligations of U.S. Government sponsored entities | 362,895 | | 6,694 | | 289,210 | | 8,678 | | 652,105 | | 15,372 | | Obligations of U.S. states and political subdivisions | 9,700 | | 85 | | 1,283 | | 15 | | 10,983 | | 100 | | | | | | | | | Mortgage-backed securities – residential, issued by | | | | | | | U.S. Government agencies | 22,074 | | 160 | | 16,846 | | 372 | | 38,920 | | 532 | | U.S. Government sponsored entities | 553,351 | | 11,440 | | 84,537 | | 2,841 | | 637,888 | | 14,281 | | U.S. corporate debt securities | 0 | | 0 | | 2,424 | | 76 | | 2,424 | | 76 | | Total available-for-sale debt securities | $ | 1,095,830 | | $ | 20,921 | | $ | 394,300 | | $ | 11,982 | | $ | 1,490,130 | | $ | 32,903 | |
|
Schedule held-to-maturity securities with unrealized losses |
The following table summarizes held-to-maturity debt securities that had unrealized losses at June 30, 2022 and December 31, 2021:
| | | | | | | | | | | | | | | | | | | | | June 30, 2022 | Less than 12 Months | 12 Months or Longer | Total | (In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | U.S. Treasuries | $ | 77,345 | | $ | 9,237 | | $ | 0 | | $ | 0 | | $ | 77,345 | | $ | 9,237 | | Obligations of U.S. Government sponsored entities | 197,315 | | 28,418 | | $ | 0 | | $ | 0 | | $ | 197,315 | | 28,418 | | Total held-to-maturity debt securities | $ | 274,660 | | $ | 37,655 | | $ | 0 | | $ | 0 | | $ | 274,660 | | $ | 37,655 | |
| | | | | | | | | | | | | | | | | | | | | December 31, 2021 | Less than 12 Months | 12 Months or Longer | Total | (In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | U.S. Treasuries | $ | 35,280 | | $ | 600 | | $ | 0 | | $ | 0 | | $ | 35,280 | | $ | 600 | | Obligations of U.S. Government sponsored entities | 84,592 | | 1,789 | | 0 | | 0 | | 84,592 | | 1,789 | | | | | | | | | Total held-to-maturity debt securities | $ | 119,872 | | $ | 2,389 | | $ | 0 | | $ | 0 | | $ | 119,872 | | $ | 2,389 | |
|
Schedule of amortized cost and estimated fair value of debt securities by contractual maturity |
| | | | | | | | | June 30, 2022 | | | (In thousands) | Amortized Cost | Fair Value | Available-for-sale debt securities: | | | Due in one year or less | $ | 61,909 | | $ | 61,879 | | Due after one year through five years | 534,330 | | 503,095 | | Due after five years through ten years | 505,724 | | 451,324 | | Due after ten years | 50,484 | | 41,735 | | Total | 1,152,447 | | 1,058,033 | | Mortgage-backed securities | 922,573 | | 833,685 | | Total available-for-sale debt securities | $ | 2,075,020 | | $ | 1,891,718 | |
| | | | | | | | | December 31, 2021 | | | (In thousands) | Amortized Cost | Fair Value | Available-for-sale debt securities: | | | Due in one year or less | $ | 77,159 | | $ | 77,892 | | Due after one year through five years | 474,537 | | 471,776 | | Due after five years through ten years | 501,748 | | 492,573 | | Due after ten years | 54,742 | | 54,559 | | Total | 1,108,186 | | 1,096,800 | | Mortgage-backed securities | 955,604 | | 947,713 | | Total available-for-sale debt securities | $ | 2,063,790 | | $ | 2,044,513 | |
| | | | | | | | | June 30, 2022 | | | (In thousands) | Amortized Cost | Fair Value | Held-to-maturity debt securities: | | | | | | | | | Due after five years through ten years | $ | 312,315 | | $ | 274,660 | | Total held-to-maturity debt securities | $ | 312,315 | | $ | 274,660 | |
| | | | | | | | | December 31, 2021 | | | (In thousands) | Amortized Cost | Fair Value | Held-to-maturity debt securities: | | | | | | | | | Due after five years through ten years | $ | 284,009 | | $ | 282,288 | | Total held-to-maturity debt securities | $ | 284,009 | | $ | 282,288 | |
|